ming chen began a professional practice on june 1

2. Write Balance in the Item column and place a check mark () in the Posting Reference column. Ming Chen (the owner) completed these transactions: During June, Ming Chen (the owner) completed these transactions. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. Is this a direct or an indirect cost? The policy covers a one-year period. g. The company paid an assistant $3,000 cash as wages for the month. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 6. No. 4. 00. (g) Paid wages to part-time employee, 500. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: 75,000 Required: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. On June 1 of the current year, Chad Wilson established a business to manage rental property. Is it a product or a period cost? 000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Paid 250 to creditors on account. II Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Find step-by-step Accounting solutions and your answer to the following textbook question: Ming Chen began a professional practice on June $1$ and plans to prepare financial statements at the end of each month. 1.500 It is the first step of recording transactions of a company. Paid 700 to a local audio electronics store for rental of digital recording equipment. Paid 5,000 on note payable. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 15. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. I am highly qualified expert, working from 2008-9 in this industry. A loan of $400,000 is taken out which requires an annual interest If you still cannot find the error, re-analyze each transaction. i. b. a. _Accounting 1 Assignment Part 1 - Ming Chen began a professional At the end of May, the following adjustment data were assembled. View this solution and millions of others when you join today! The following, A:Unadjusted Trial Balance - d. The company completed work for a client and immediately collected the $2,500 cash earned. a. Wallace deposited 24,000 in a bank account in the name of the business. Greetings! Only debit card transaction fees. During the month, Lexi completed the following transactions related to the business: Nov. 1. 29.Paid miscellaneous expenses, 540. Paid 620 to Upload Music for use of its current music demos in making various music sets. ol + c. Received cash from fees earned. Payable Determine the increase or decrease in owners equity for August. G. Received the electricity bill. Apr. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. Gervais deposited 25,000 in a bank account in the name of the business. Mc. 17. Q:Ken Jones, an architect, opened an office on April 1, 2019. 10. Received cash from customers on account, 9,000. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. 2,500 Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. We will pay the $110 in thirty days. No. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. Liabilities Bal. I can help you with creating a presentation of one slide for The Word of William Hunter. 4. 2. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set 1. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Determine account balances of the T accounts. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. D. An office worker was hired. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. 4. Prepare a post-closing trial balance. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 31. Journal Entries - Journal Entries are the recording of transactions of the organization. 5.Purchased office equipment on account from Office Mart, 7,500. 0. Instructions 1. Paid dividends, $3,000. (Note: Ignore the date because these events are aggregations of individual events.) 8.000 Record the following transactions on Page 6 of the journal: 20. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Paid telephone bill for May, 260. Payable Hire Professional Writer And Get A+ Grades In Your Homework. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. I have all relevant skills and expertise related to your project. Received 1,000 cash from customers on account. 0. Prav Assets Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. Do you need an answer to a question different from the above? Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Stock 2. 3. Equipment References Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. 7.500 b. 8.Paid for a newspaper advertisement, 200. 504. j. Q:1. Instrustions Prepare a balance sheet as of July 31, 20Y5. Ask your question! Withdrew cash for personal use, 7,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. d. Paid rent on office and equipment for the month, $5,000. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 3. During the first month of operations of his, A:Solution: Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Transactions completed during the month follow. Withdrew cash for personal use, 3,900. DLite Dry Cleaners is owned and operated by Joel Palk. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. 61,000 63. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 9. b. b. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. In this activity, you will be creating. 1,500 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Journal entry is used to the record the business transactions of an enterprises. A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a., A:1. Record the closing entries on Page 8 of the journal. h. Borrowed $100,000 by issuing a note payable.  a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received and paid the heating bill, 248, Ck. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Kindly repost the question to get, A:Trial balance: It is the statement prepared at the end of the year to close all the accounts. The following account balances are available: Required: 1. Answered: Ming Chen began a professional practice | bartleby Instructions 1. $30000. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 31.Received 3,000 for serving as a disc jockey for a party. d. The company completed work for a client and immediately collected the $2,500 cash earned. 10. 31.Withdrew 1,250 cash from PS Music for personal use. Paid rent for July, 1,750. f. Paid office salaries, $6,500. Determine the excess of revenues over expenses for November. 6. Q:Comprehensive Problem Set No principal payments are made, only interest is paid. 30. i. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. The American Chamber of Commerce in South China. d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. If you want the answer, Q:Architects completed the following transactions: b. During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 Determine the account balances after all posting is complete. She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: Post the journal to a ledger of four-column accounts. 15,000 Paid on account to the City Crier, 455, Ck. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Bal. During the month, Knaus. What if the client hasn't prepared them in advance? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 24 Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 3. Enter the impact of each transaction on individual items of the accounting equation. f. The company purchased additional equipment for $6,000 cash. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3. 4. Instructions 1. During the month, Jones, A:T accounts: Common c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 1, A:Salary is the expense of a business. 4. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. 2.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. (i) Paid electricity bill, 85. During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. Prepare a single-step income statement. The company paid $1,500 cash for rent of office space for the month. Ken Jones, an architect, opened an office on April 1, 2019. Prepare T accounts, using the account titles in (1). f. Paid office salaries, $6,500. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. Received cash from clients on account, 9,520. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 3. So lets make no longer delay & start chatting immediately. Only credit card transaction fees are limited by law. Received $100 from a customer for services we will provide next week. d. The company completed work for a client and immediately collected the $2,500 cash earned. I have all relevant skills and expertise related to your project. Cash Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. If you still cannot find the error, re-analyze each transaction. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. *Response times may vary by subject and question complexity. (k) Paid wages to part-time employee, 500. 2. Assets 25,000 58,500 During June, Ming Chen (the owner) completed these transactions. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Record the adjusting entries on Page 7 of the journal. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. On March 1 of this year, B. Gervais established Gervais Catering Service. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. First week only $4.99! A:Requirement 1: Indicate the effect of the given transactions. c. Amount of net income for August. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). %D Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Bal. Chapter 1 Exercises i  d. Does the activity add value to Latchey’s provision of insurance services? Received an invoice for truck expenses, to be paid in November, 1,250. Paid dividends, 2,500. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. 2023 The transactions of The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. Purchased supplies on account, 735. 3. 28. 503. h. Sold catering services on account, 4,307. i. The company pald $2,100 cash for rent of office space for . 2. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. (83) Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Recording of a business transactions in a chronological order. Prepare and post the closing entries. 2. Solved Ming Chen began a professional practice on June 1 and | Chegg.com No. 61,000 Ming Chen began a professional practice on June 1 and plans to prepare Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 1002. h. Received and paid the bill for utilities, 340, Ck. 8. 5. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. 8,000 (a) Invested cash in the business, 510,000. 7,500 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. f. Paid office salaries, $6,500. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Since there are multiple subparts, we will answer only first three subparts. The company paid $1,500 cash for rent of office space for the month. Receivable C. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 60,000 With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. Paid an attorney 900 for reviewing the July 3 contract with KXMD. %3D e.  c. Is it a variable or a fixed cost? During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. 0. Transactions completed during the month follow. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 2. 30. 29. The following transactions, A:Note: Ethics and budgetary slack: e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 31. %24 On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). In July of this year, M. Wallace established a business called Wallace Realty. 5. C. Provided services in the amount of $1,000. Prepare the necessary journal entries to record these transactions. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. operations,, A:Journal entry means the entry in prime book with chronological order. Withdrew cash for personal use, 2,000. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Accounts Bal. Unadjusted Trial Balance is the trial balance before making adjustments., Q:he accountant for the firm owned by Randy Guttery prepares financial statements at the end of each. Paid Office Station Co. for part of the debt incurred on April 5, 640. I will also provide you with TURNITIN PLAGIARISM REPORT. The company paid $1,500 cash for rent of office space for the month. The company paid $10,000 cash to settle the liability created in transaction c. j. 25.000 b. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. 25,000 ol + b. Paid dividends, $3,000. g. The company paid an assistant $3,000 cash as wages for the month. (Do not insert the account numbers in the journal at this time.) Mulberry purchased computer paper for $13,000 cash in late December. 10,000 a. 16. b. a. Find answers to questions asked by students like you. 21. Enter the following transactions on Page 2 of the two-column journal: 16. A:Revenue means the income earned during a given period.

What Time Does Green Dot Post Tax Refunds, Articles M